Oftentimes, selling one home and buying a new one can seem like a dance that must be perfectly choreographed. And to an extent, it is. When you are dealing with lenders, closing attorneys, and large sums of money, the next thing on the list cannot be checked off until the previous item is complete. 

That’s why it’s so important to know what you need in order to close on your existing home, so that you can close on your Tresidio home sooner. Here’s everything you need to close on your existing home in the state of Idaho: 

• Photo identification. Your signature will need to be notarized on various documents, so you’ll have to prove your identity. Take your state or government issued photo identification, such as a driver’s license or passport. 

• Funds or Bank Account Info. The closing attorney or escrow company will calculate the amount of money you need to bring to the closing, if any. Include a small overage as a cushion to cover unanticipated closing costs. All but minimum amounts should normally be wired to the escrow company. Do not expect to bring a check, even a certified check, to the closing without confirming that the escrow company will accept it. (Please note, with wire fraud on the rise, be careful anytime you wire money. If you receive wiring instructions, always confirm the information with the recipient via a known phone number.)

• Bank Account Information:If you are collecting proceeds from the sale of your home, be sure that the closing attorney has complete bank account information, including wiring instructions, so that you can have access to your funds right away.

• Separation agreement or divorce order. If you are separated or in the midst of a divorce, a separation agreement or an order from the divorce court could affect your disbursement. Ask your attorney or the escrow company for details.

Keep in mind that as the seller, there are certain fees you are responsible for at closing. The closing attorney will take care of distributing checks and funds, but you should be aware of what they are, so there are no surprises at closing:

• Mortgage Payoff: If you owe money to a lender for your current mortgage, that payoff amount will come from your proceeds. Payoff fees may include the recording fee, principal balance, any interest for the current statement period, and any penalties charged by your lender. 

• Broker Commissions: In Idaho, the typical commission charged by the listing agent is 6%. The listing agent then splits this commission in half with the buyer’s agent. Most often, the entire 6% commission is paid by the seller. 

• Property Taxes: Depending on the day of your closing, you may need to pay taxes on your home for a portion of that month. 

If you are unsure whether you have all these items, or what fees you may be responsible for paying at closing, talk to your agent, closing attorney, or title or escrow company.  A last-minute check on whether you’ve got everything you need for closing day can help make things go smoothly, so you move into your brand new home sooner!